New Eldorado CEO seeks ‘strategic growth’ opportunities

27 September 2018

Thomas Reeg has been named as the new chief executive of William Hill’s US casino partner Eldorado Resorts and immediately set out his intention to pursue “strategic growth opportunities” for the company.

Reeg will move into the position on January 1, 2019, after a spell as president and chief financial officer of the company. Current CEO Gary Carano will step aside and move into the new role of executive chairman.

Eldorado has also appointed Anthony Carano as its new president, but he will also retain his current role as chief operating officer. The company has already begun its search for a new CFO to replace Reeg.

In a statement announcing the senior management changes, Eldorado said that the appointments will “transition to position the company for its next phase of growth and the continued creation of shareholder value”.

Reeg, who was named president in 2014 before adding CFO duties in March 2016, has set out his key goals for the business, stating his intention to build on his predecessor’s expansion work.

“Gary led a significant expansion of our property portfolio while maintaining true to the Carano family’s legacy of providing our guests with exceptional gaming, dining and entertainment experiences as well as the family-style service for which the company is renowned,” he said.

“I look forward to working closely with Anthony to continue this legacy and continuing to work with Gary in his executive chairman role to pursue additional strategic growth opportunities that leverage his knowledge of Eldorado and the gaming industry.”

The appointments come at a pivotal time for Eldorado, which recently struck up a major partnership with William Hill that could lead to growth within the digital market.

Announced earlier this month, the deal establishes Hills as Eldorado’s exclusive partner in the provision of digital and land-based sports betting services, as well as online gaming. The arrangement could eventually extend to the 11 states in which Eldorado is present.

Eldorado also this month secured interim approval from the New Jersey Casino Control Commission to proceed with its acquisition of Tropicana Entertainment. The $1.85bn (£1.41bn/€1.58bn) deal includes the Tropicana land-based facility in Atlantic City and would expand Eldorado’s property portfolio in the US.

Image: Roman Eugeniusz